FundVantage Trust NPORT-P Polen U.S. Small Company Growth Fund (Jan 2021 report)

POLEN GROWTH FUND

Portfolio of Investments

January 31, 2021

(Unaudited)

	Number    of Shares		Value
COMMON STOCKS — 95.4%
Biotechnology — 1.7%
Regeneron Pharmaceuticals, Inc.*		316,591	$	159,511,209
Credit Services — 13.2%
Mastercard, Inc., Class A		1,312,539		415,142,960
PayPal Holdings, Inc.*		1,779,713		417,004,553
Visa, Inc., Class A		2,171,431		419,629,041
				1,251,776,554
Diagnostics & Research — 2.6%
Illumina, Inc.*		581,777		248,092,984
Discount Stores — 0.5%
Dollar General Corp.		242,106		47,116,249
Drug Manufacturers - Specialty & Generic — 4.2%
Zoetis, Inc.		2,614,539		403,292,641
Financial Data & Stock Exchanges — 1.3%
MSCI, Inc.		307,250		121,455,925
Footwear & Accessories — 2.2%
NIKE, Inc., Class B		1,596,539		213,281,645
Healthcare Plans — 2.9%
UnitedHealth Group, Inc.		831,248		277,287,708
Information Technology Services — 6.6%
Accenture PLC, Class A		1,682,467		407,022,417
Gartner, Inc.*		1,461,214		221,973,019
				628,995,436
Internet Content & Information — 17.5%
Alphabet, Inc., Class A*		119,887		219,076,708
Alphabet, Inc., Class C*		380,341		698,207,187
Facebook, Inc., Class A*		2,893,651		747,516,863
				1,664,800,758

	Number    of Shares		Value
COMMON STOCKS — (Continued)
Medical Devices — 9.2%
Abbott Laboratories		4,710,560	$	582,178,110
Align Technology, Inc.*		562,813		295,690,694
				877,868,804
Medical Instruments & Supplies — 2.0%
Intuitive Surgical, Inc.*		248,105		185,493,222
Restaurants — 3.2%
Starbucks Corp.		3,152,371		305,181,037
Software Application — 13.3%
Autodesk, Inc.*		1,231,756		341,726,067
salesforce.com, Inc.*		2,201,882		496,656,504
ServiceNow, Inc.*		795,346		432,000,133
				1,270,382,704
Software Infrastructure — 15.0%
Adobe, Inc.*		1,354,556		621,429,656
Microsoft Corp.		3,454,335		801,267,547
				1,422,697,203
TOTAL COMMON STOCKS (Cost $5,502,614,838)				9,077,234,079
TOTAL INVESTMENTS - 95.4% (Cost $5,502,614,838)				9,077,234,079
OTHER ASSETS IN EXCESS OF LIABILITIES - 4.6%				440,284,406
NET ASSETS - 100.0%			$	9,517,518,485

* Non-income producing.

PLC Public Limited Corporation

See accompanying Notes to the Quarterly Portfolio of Investments.

1

POLEN GLOBAL GROWTH FUND

Portfolio of Investments

January 31, 2021

(Unaudited)

	Number    of Shares		Value
COMMON STOCKS — 97.5%
Australia — 2.4%
CSL, Ltd.		62,637	$	12,986,001
China — 12.8%
Alibaba Group Holding, Ltd., SP ADR*		138,819		35,236,427
Tencent Holdings, Ltd.		392,420		34,965,920
				70,202,347
Denmark — 1.1%
Coloplast A/S, Class B		41,511		6,196,261
France — 2.3%
LVMH Moet Hennessy Louis Vuitton SE		20,374		12,318,029
Germany — 7.9%
adidas AG*		30,939		9,810,107
SAP SE		163,768		20,780,206
Siemens Healthineers AG		230,180		12,908,831
				43,499,144
Ireland — 3.6%
Accenture PLC, Class A		81,506		19,717,932
Spain — 1.7%
Industria De Diseno Textil SA		319,232		9,467,851
Switzerland — 3.3%
Nestle SA, Registered Shares		159,241		17,850,372
United States — 62.4%
Abbott Laboratories		276,972		34,230,969
Adobe, Inc.*		66,416		30,469,668
Align Technology, Inc.*		35,475		18,637,856
Alphabet, Inc., Class C*		18,872		34,644,085

	Number    of Shares		Value
COMMON STOCKS — (Continued)
United States — (Continued)
Autodesk, Inc.*		83,773	$	23,241,143
Automatic Data Processing, Inc.		48,530		8,013,274
Estee Lauder Cos, Inc. (The), Class A		34,715		8,215,305
Facebook, Inc., Class A*		89,808		23,200,101
Mastercard, Inc., Class A		70,937		22,436,664
Microsoft Corp.		198,485		46,040,581
NIKE, Inc., Class B		92,830		12,401,160
PayPal Holdings, Inc.*		115,466		27,054,838
Starbucks Corp.		186,408		18,046,158
Visa, Inc., Class A		104,149		20,126,794
Zoetis, Inc.		96,601		14,900,704
				341,659,300
TOTAL COMMON STOCKS (Cost $406,318,001)				533,897,237
TOTAL INVESTMENTS - 97.5% (Cost $406,318,001)				533,897,237
OTHER ASSETS IN EXCESS OF LIABILITIES - 2.5%				13,792,547
NET ASSETS - 100.0%			$	547,689,784

* Non-income producing.

PLC	Public Limited Corporation
SP ADR	Sponsored American Depository Receipt

See accompanying Notes to the Quarterly Portfolio of Investments.

2

POLEN INTERNATIONAL GROWTH FUND

Portfolio of Investments

January 31, 2021

(Unaudited)

	Number    of Shares		Value
COMMON STOCKS — 94.5%
Australia — 4.6%
CSL, Ltd.		91,882	$	19,049,120
China — 22.1%
Alibaba Group Holding, Ltd., SP ADR*		135,169		34,309,947
New Oriental Education & Technology Group, Inc., SP ADR*		123,685		20,717,238
Tencent Holdings, Ltd.		401,250		35,752,703
				90,779,888
Denmark — 0.9%
Coloplast A/S, Class B		23,850		3,560,040
France — 5.3%
Dassault Systemes SE		44,178		8,818,968
LVMH Moet Hennessy Louis Vuitton SE		21,207		12,821,657
				21,640,625
Germany — 13.6%
adidas AG*		57,428		18,209,212
SAP SE		157,257		19,954,038
Siemens Healthineers AG		318,932		17,886,171
				56,049,421
Ireland — 20.3%
Accenture PLC, Class A		78,630		19,022,170
Experian PLC		409,927		14,328,026
ICON PLC*		144,002		29,349,048
Medtronic PLC		187,294		20,851,441
				83,550,685
Israel — 2.4%
Check Point Software Technologies, Ltd.*		78,628		10,043,941
Mexico — 1.7%
Wal-Mart de Mexico SAB de CV		2,516,472		7,165,543

	Number    of Shares		Value
COMMON STOCKS — (Continued)
Spain — 4.1%
Amadeus IT Group SA		96,295	$	6,147,790
Industria De Diseno Textil SA		363,107		10,769,106
				16,916,896
Switzerland — 5.2%
Nestle SA, Registered Shares		90,994		10,200,117
Temenos AG, Registered Shares		88,343		11,155,247
				21,355,364
United Kingdom — 10.0%
Bunzl PLC		385,189		12,364,450
Sage Group PLC (The)		1,992,214		16,041,376
Unilever PLC		217,332		12,660,715
				41,066,541
United States — 4.3%
Aon PLC, Class A		86,581		17,584,601
TOTAL COMMON STOCKS (Cost $325,428,016)				388,762,665
TOTAL INVESTMENTS - 94.5% (Cost $325,428,016)				388,762,665
OTHER ASSETS IN EXCESS OF LIABILITIES - 5.5%				22,587,277
NET ASSETS - 100.0%			$	411,349,942

* Non-income producing.

PLC	Public Limited Corporation
SP ADR	Sponsored American Depository Receipt

See accompanying Notes to the Quarterly Portfolio of Investments.

3

POLEN U.S. SMALL COMPANY GROWTH FUND

Portfolio of Investments

January 31, 2021

(Unaudited)

	Number of Shares		Value
COMMON STOCKS — 96.7%
Building Products & Equipment — 3.7%
Trex Co., Inc.*		43,482	$	3,990,343
Capital Markets — 2.6%
Houlihan Lokey, Inc.		44,044		2,856,254
Consulting Services — 3.7%
Exponent, Inc.		48,659		4,018,260
Diagnostics & Research — 3.6%
Medpace Holdings, Inc.*		29,175		3,874,148
Health Information Services — 3.6%
Simulations Plus, Inc.		49,885		3,947,899
Home Improvement Retail — 4.5%
Floor & Decor Holdings, Inc., Class A*		52,990		4,878,789
Household & Personal Products — 3.2%
Helen of Troy Ltd.*		14,113		3,447,100
Insurance - Diversified — 3.9%
Goosehead Insurance, Inc., Class A		32,189		4,300,451
Internet Retail — 10.1%
Etsy, Inc.*		27,204		5,416,044
Revolve Group, Inc.*		150,208		5,581,729
				10,997,773
Leisure — 3.5%
YETI Holdings, Inc.*		58,545		3,853,432
Medical Care Facilities — 2.9%
AMN Healthcare Services, Inc.*		43,666		3,149,192
Mortgage Finance — 1.8%
LendingTree, Inc.*		6,117		1,991,206
Recreational Vehicles — 7.4%
Fox Factory Holding Corp.*		43,952		5,258,417

	Number of Shares		Value
COMMON STOCKS — (Continued)
Recreational Vehicles — (Continued)
Malibu Boats, Inc., Class A*		40,093	$	2,810,920
				8,069,337
Restaurants — 4.5%
Wingstop, Inc.		32,751		4,914,288
Software Application — 16.7%
Alarm.com Holdings, Inc.*		49,415		4,591,642
Appfolio, Inc., Class A*		27,766		4,242,923
Envestnet, Inc.*		26,642		2,044,241
Globant SA*		23,059		4,427,328
Paylocity Holding Corp.*		15,808		2,963,368
				18,269,502
Software Infrastructure — 16.6%
Altair Engineering, Inc., Class A*		45,740		2,558,238
Blackline, Inc.*		46,679		6,050,532
Endava PLC, SP ADR*		38,591		3,051,004
Euronet Worldwide, Inc.*		18,728		2,340,251
Qualys, Inc.*		29,737		4,117,682
				18,117,707
Specialty Chemicals — 4.4%
WD-40 Co.		15,808		4,812,113
TOTAL COMMON STOCKS (Cost $74,691,236)				105,487,794

See accompanying Notes to the Quarterly Portfolio of Investments.

4

POLEN U.S. SMALL COMPANY GROWTH FUND

Portfolio of Investments (Concluded)

January 31, 2021

(Unaudited)

	Value
TOTAL INVESTMENTS - 96.7% (Cost $74,691,236)	$	105,487,794
OTHER ASSETS IN EXCESS OF LIABILITIES - 3.3%		3,636,118
NET ASSETS - 100.0%	$	109,123,912

* Non-income producing.

PLC	Public Limited Corporation
SP ADR	Sponsored American Depository Receipt

See accompanying Notes to the Quarterly Portfolio of Investments.

5

POLEN INTERNATIONAL SMALL COMPANY GROWTH FUND

Portfolio of Investments

January 31, 2021

(Unaudited)

	Number     of Shares		Value
COMMON STOCKS — 97.4%
Argentina — 4.0%
Globant SA*		5,642	$	1,083,264
Australia — 6.5%
Cochlear, Ltd.		5,270		792,393
Technology One, Ltd.		147,632		969,514
				1,761,907
Canada — 9.0%
Altus Group, Ltd.		21,838		835,949
Kinaxis, Inc.*		6,890		956,437
TMX Group, Ltd.		6,869		662,539
				2,454,925
Denmark — 8.2%
Netcompany Group A/S*		17,990		1,678,270
SimCorp A/S		4,219		546,083
				2,224,353
Germany — 13.6%
CompuGroup Medical SE & Co. KGaA		17,505		1,726,988
CTS Eventim AG & Co. KGaA*		21,560		1,272,021
Scout24 AG		9,078		700,928
				3,699,937
Italy — 3.3%
Amplifon SpA*		22,617		896,506
Japan — 10.7%
Benefit One, Inc.		16,200		459,196
Kakaku.com, Inc.		47,000		1,361,238
Smaregi, Inc.*		24,215		1,109,666
				2,930,100
Jersey — 2.6%
Sanne Group PLC		95,475		721,865
Mexico — 3.6%
Bolsa Mexicana de Valores SAB de CV		441,558		990,431

	Number     of Shares		Value
COMMON STOCKS — (Continued)
South Korea — 6.2%
Douzone Bizon Co. Ltd.		12,400	$	1,104,713
Koh Young Technology, Inc.*		6,155		589,349
				1,694,062
Sweden — 6.6%
Cellavision AB*		14,260		505,806
Thule Group AB (The)*		22,365		829,337
Vitrolife AB*		17,180		454,057
				1,789,200
Switzerland — 3.2%
Tecan Group AG		1,800		870,906
Taiwan — 2.5%
Poya International Co., Ltd.		32,900		679,803
United Kingdom — 17.4%
Auto Trader Group PLC		120,440		928,541
Endava PLC, SP ADR*		16,257		1,285,278
GB Group PLC		81,858		960,070
HomeServe PLC		74,704		1,064,960
Rightmove PLC*		59,810		489,593
				4,728,442
TOTAL COMMON STOCKS (Cost $22,685,146)				26,525,701
TOTAL INVESTMENTS - 97.4% (Cost $22,685,146)				26,525,701
OTHER ASSETS IN EXCESS OF LIABILITIES - 2.6%				709,849
NET ASSETS - 100.0%			$	27,235,550

* Non-income producing.

PLC	Public Limited Corporation
SP ADR	Sponsored American Depository Receipt

See accompanying Notes to the Quarterly Portfolio of Investments.

6

POLEN GLOBAL EMERGING MARKETS GROWTH FUND

Portfolio of Investments

January 31, 2021

(Unaudited)

	Number    of Shares		Value
COMMON STOCKS — 87.9%
Argentina — 2.5%
MercadoLibre, Inc.*		271	$	482,247
Brazil — 3.9%
Raia Drogasil SA		166,400		757,276
Cambodia — 2.4%
NagaCorp, Ltd.		400,000		454,141
China — 29.9%
Alibaba Group Holding, Ltd.*		31,400		996,464
ANTA Sports Products, Ltd.		25,000		411,713
Autohome, Inc., ADR		6,840		753,973
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		57,574		392,884
NetEase, Inc.		44,600		1,016,170
Ping An Healthcare and Technology Co., Ltd.*		47,000		581,513
Tencent Music Entertainment Group, ADR*		21,754		578,657
Tingyi Cayman Islands Holding Corp.		350,000		695,465
Zhejiang Supor Co., Ltd., Class A		26,805		329,830
				5,756,669
Hong Kong — 2.3%
Vitasoy International Holdings, Ltd.		100,000		435,208
India — 13.5%
Bajaj Auto, Ltd.		4,340		238,022
Britannia Industries, Ltd.		8,390		401,719
Colgate-Palmolive India, Ltd.		38,560		845,936
HDFC Bank, Ltd.*		21,510		410,488

	Number    of Shares		Value
COMMON STOCKS — (Continued)
India — (Continued)
Titan Co., Ltd.		16,670	$	323,843
United Spirits, Ltd.*		46,960		371,709
				2,591,717
Mexico — 2.8%
Fomento Economico Mexicano SAB de CV		79,900		544,126
Netherlands — 7.1%
Prosus NV*		11,700		1,366,921
Philippines — 1.6%
Universal Robina Corp.		111,100		311,751
Russia — 10.0%
Mail.Ru Group, Ltd., GDR*		26,280		684,623
Yandex NV, Class A*		19,913		1,247,350
				1,931,973
South Africa — 3.0%
Discovery, Ltd.		22,550		191,148
Mr Price Group, Ltd.		33,740		383,382
				574,530
Taiwan — 3.0%
President Chain Store Corp.		61,000		581,235
Thailand — 1.2%
Home Product Center PCL		521,000		237,582
Vietnam — 4.7%
Phu Nhuan Jewelry JSC		162,300		582,083
Vietnam Dairy Products JSC		74,400		330,770
				912,853
TOTAL COMMON STOCKS (Cost $16,538,801)				16,938,229

See accompanying Notes to the Quarterly Portfolio of Investments.

7

POLEN GLOBAL EMERGING MARKETS GROWTH FUND

Portfolio of Investments (Concluded)

January 31, 2021

(Unaudited)

	Value
TOTAL INVESTMENTS - 87.9% (Cost $16,538,801)	$	16,938,229
OTHER ASSETS IN EXCESS OF LIABILITIES - 12.1%		2,335,637
NET ASSETS - 100.0%	$	19,273,866

* Non-income producing.

ADR	American Depository Receipt
GDR	Global Depository Receipt
JSC	Joint Stock Company
PCL	Public Company Limited

See accompanying Notes to the Quarterly Portfolio of Investments.

8

POLEN GROWTH FUNDS

Notes to the Quarterly Portfolio of Investments

January 31, 2021

(Unaudited)

A. Portfolio Valuation:

Portfolio Valuation – The Polen Growth Fund, Polen Global Growth Fund, Polen International Growth Fund, Polen U.S. Small Company Growth Fund, Polen International Small Company Growth Fund and Polen Global Emerging Markets Growth Fund (each a “Fund” and together the “Funds”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are generally valued at amortized cost, provided such amount approximates fair value. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Trust’s Board of Trustees (“Board of Trustees”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

Fair Value Measurements – The inputs and valuation techniques used to measure fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

•	Level 1 —	quoted prices in active markets for identical securities;
•	Level 2 —	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and
•	Level 3 —	significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers in and out are recognized at the value at the end of the period.

9

POLEN GROWTH FUNDS

Notes to the Quarterly Portfolio of Investments (Continued)

January 31, 2021

(Unaudited)

Significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that foreign markets close (where the security is principally traded) and the time that each Fund calculates its NAV (generally, the close of the NYSE) that may impact the value of securities traded in these foreign markets. As a result, each Fund fair values foreign securities using an independent pricing service which considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange traded funds and certain indexes as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy.

Securities listed on a non-U.S. exchange are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees and categorized as Level 2 investments within the hierarchy. The fair valuations for these securities may not be the same as quoted or published prices of the securities on their primary markets. Securities for which daily fair value prices from the independent fair value pricing service are not available are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of valuation time, as provided by an independent pricing service approved by the Board of Trustees.

The following is a summary of the inputs used, as of January 31, 2021, in valuing the Funds’ investments carried at fair value:

Funds	Total Value at 01/31/21		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Polen Growth Fund
Investments in Securities*	$	9,077,234,079	$	9,077,234,079	$	—	$	—
Polen Global Growth Fund
Australia	$	12,986,001	$	—	$	12,986,001	$	—
China		70,202,347		35,236,427		34,965,920		—
Denmark		6,196,261		—		6,196,261		—
France		12,318,029		—		12,318,029		—
Germany		43,499,144		—		43,499,144		—
Ireland		19,717,932		19,717,932		—		—
Spain		9,467,851		—		9,467,851		—
Switzerland		17,850,372		—		17,850,372		—
United States		341,659,300		341,659,300		—		—
Total	$	533,897,237	$	396,613,659	$	137,283,578	$	—

10

POLEN GROWTH FUNDS

Notes to the Quarterly Portfolio of Investments (Continued)

January 31, 2021

(Unaudited)

Funds	Total Value at 01/31/21		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Polen International Growth Fund
Australia	$	19,049,120	$	—	$	19,049,120	$	—
China		90,779,888		55,027,185		35,752,703		—
Denmark		3,560,040		—		3,560,040		—
France		21,640,625		—		21,640,625		—
Germany		56,049,421		—		56,049,421		—
Ireland		83,550,685		69,222,659		14,328,026		—
Israel		10,043,941		10,043,941		—		—
Mexico		7,165,543		7,165,543		—		—
Spain		16,916,896		—		16,916,896		—
Switzerland		21,355,364		—		21,355,364		—
United Kingdom		41,066,541		—		41,066,541		—
United States		17,584,601		17,584,601		—		—
Total	$	388,762,665	$	159,043,929	$	229,718,736	$	—
Polen U.S. Small Company Growth Fund
Investments in Securities*	$	105,487,794	$	105,487,794	$	—	$	—
Polen International Small Company Growth Fund
Argentina	$	1,083,264	$	1,083,264	$	—	$	—
Australia		1,761,907		—		1,761,907		—
Canada		2,454,925		2,454,925		—		—
Denmark		2,224,353		—		2,224,353		—
Germany		3,699,937		—		3,699,937		—
Italy		896,506		—		896,506		—
Japan		2,930,100		1,109,666		1,820,434		—
Jersey		721,865		—		721,865		—
Mexico		990,431		990,431		—		—
South Korea		1,694,062		—		1,694,062		—

11

POLEN GROWTH FUNDS

Notes to the Quarterly Portfolio of Investments (Continued)

January 31, 2021

(Unaudited)

Funds	Total Value at 01/31/21		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Sweden	$	1,789,200	$	505,806	$	1,283,394	$	—
Switzerland		870,906		—		870,906		—
Taiwan		679,803		—		679,803		—
United Kingdom		4,728,442		2,245,348		2,483,094		—
Total	$	26,525,701	$	8,389,440	$	18,136,261	$	—
Polen Global Emerging Markets Growth Fund
Argentina	$	482,247	$	482,247	$	—	$	—
Brazil		757,276		757,276		—		—
Cambodia		454,141		—		454,141		—
China		5,756,669		1,332,630		4,424,039		—
Hong Kong		435,208		—		435,208		—
India		2,591,717		—		2,591,717		—
Mexico		544,126		544,126		—		—
Netherlands		1,366,921		—		1,366,921		—
Philippines		311,751		—		311,751		—
Russia		1,931,973		1,247,350		684,623		—
South Africa		574,530		—		574,530		—
Taiwan		581,235		—		581,235		—
Thailand		237,582		—		237,582		—
Vietnam		912,853		—		912,853		—
Total	$	16,938,229	$	4,363,629	$	12,574,600	$	—

* Please refer to Portfolio of Investments for further details on portfolio holdings.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds’ investments may fluctuate from period to period.

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POLEN GROWTH FUNDS

Notes to the Quarterly Portfolio of Investments (Concluded)

January 31, 2021

(Unaudited)

Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Funds to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when the Funds had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to their net assets. The amounts and reasons for all transfers in and out of Level 3 are disclosed when the Funds had an amount of transfers during the reporting period that was meaningful in relation to their net assets as of the end of the reporting period.

For the period ended January 31, 2021, there were no transfers in or out of Level 3.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.

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